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Mortgage and home improvements

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Hi ,

I hope someone could help me. 

I’m in the process of selling my house and buying a new one. 
I don’t have a mortgage on my current house (should get around 200k )  , but planning to buy one on mortgage. 

spoke with a mortgage advisor and the bank is happy to lend me £70k ( I don’t need more )  

My question is can I buy a property let’s say £240k , instead of using all 200k from my sale , can I use let’s say £170 ?
And use the left over £30 to do home improvements ? 

So to total amount of mortgage still would be £70k. I just put down less deposit. Hope it makes sense. 

I have emailed my mortgage advisor but haven’t heard back yet. 

Thank you. 

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  • 2 weeks later...

Hi Gabriella, 


This shouldn't be a problem, however,  the lender may ask for a breakdown of the renovation work you intend to carry out. Providing this stacks up, this should be fairly straight forward. 


Good luck



Financial Planner - Specialist in providing advice to property owners and portfolio landlords - Vouchedfor 2021 Top rated Adviser

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